At Hudgell Solicitors we fully understand that receiving a significant amount of money as a result of a damages claim can be an overwhelming experience.
The damages you receive have been considered, calculated and awarded as it has been agreed that it is a fair amount to compensate you for your suffering and loss.
In cases of life-long illness and injury, damages are often awarded to cover loss of regular future income if you have been left unable to continue in your work, and to cover future treatment, care and accommodation needs.
These often become more costly the older you get.
With that in mind, it is common for our clients to ask many questions, such as how long their settlement will last them, is it enough, how much can they spend and is there enough money to be able to afford any spending on holidays or other personal items or will it all be used up on care costs for example. Also crucially, how best can they manage these funds?
Financial Planning Specialists
Being awarded a significant amount of damages should not be a new worry on your mind, especially after going through difficult times due to your injury. That is why we at Hudgells have set up a venture with Frenkel Topping through Hudgells Financial Management Services Limited.
- The aim is to offer industry leading independent financial advice and support – starting with a free, no obligation ‘Life after settlement’ consultation.
- We feel is it our responsibility to help you adapt to your new financial situation as smoothly as possible and feel confident about your future.
- Frenkel Topping, specialist financial advisors, have more than 30 years’ experience of doing for recipients of clinical negligence and personal injury damages.
As specialists in working with vulnerable individuals (including those who have received sudden wealth due to accident, illness or negligence and those under the Court of Protection) we understand the challenges and frustrations that can come with protecting your financial assets.
Issues covered and planned for can include:
- Protecting and maximising your future benefits entitlements
- Budgeting and financial planning
- Cash Flow Modelling
- Low-risk investment opportunities
- Property ownership
Through Hudgells Financial Management Services Limited, we can offer proven, expert advice, forged from working with individuals, like you, who need to ensure the settlements they receive meet their specific future care and wellbeing needs.
If you would like to arrange a free, no obligation, ‘Life after Settlement’ consultation with a specialist financial advisor, call our team today for further details.
The Hudgell Promise
When we take on any case, we want you to feel reassured and confident in every aspect of your claim. That’s why we offer a service that puts your needs over and above anything else.
About the client:
We were introduced to your client by one of the Hudgells London team back in March 2020, just after the first lockdown was announced. He had sustained a serious brain injury and whilst he still had capacity, was left with some lasting aftereffects from the trauma that were likely to affect his ability to return to his job as a full-time electrician.
How we were able to support:
In April 2020, Frenkel Topping were instructed to prepare a pension loss report for your client as a young man with a good life expectancy and promising career prospects. By considering his previous and future salaries and pension contribution rates, we were able to identify a loss of just under £406,000.
The case progressed towards settlement and in October 2020, Hudgells suggested that the family speak to an HFMS Independent Financial Adviser (IFA) for some guidance about how best the settlement could be used to support your client’s needs and wishes for life post-settlement. His family initially had their reservations about going to an IFA, but agreed to meet our experienced Consultant, Elen, via Zoom.
As is often the case, close family members can feel conflicted when trying to manage financial matters on behalf of their siblings, parents and children. In this instance, your client’s Dad just wanted to feel like his Dad again, and his sister wanted to feel like his sister – providing familial love and care rather than being advisers to him.
Elen was able to take these concerns away for the family and gave your client advice about the best investment strategy for his £850,000 settlement – at all times taking into account his preference for flexibility and simplicity. Elen considered several financial plans and products for your client and calculated how much he could afford to take as additional income each year, and how much his settlement could be worth if no withdrawals were taken. This allowed your client to make the right decision for his circumstances and to be sure that his settlement would last.
Elen recommending leaving a cash balance aside to cover short term expenditure, which allowed him to purchase a house and cars for his family. Your client subsequently invested the remaining £300,000 through HFMS where his investment will be managed and Elen will stay in regular contact with your client to ensure his needs continue to be met.